ANSS closes above its opening price after recovering from early selling pressure
ANSYS Inc. (ANSS) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ANSS ended the week -1.0% lower at 171.53 after losing $0.48 (-0.28%) today. Today's closing price of 171.53 marks the lowest close since August 1st. Trading up to $1.10 lower after the open, ANSYS managed to reverse during the session as bulls took control ending the day above its opening price. Closing below Thursday's low at 171.69, the share confirms its breakout through the previous session's low having traded $1.63 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (ANSS as at Aug 10, 2018):
Friday's trading range was $1.89 (1.1%), that's below last trading month's daily average range of $3.45. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 171.23.
Though the market is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Further selling could move prices lower should the market test July's close-by low at 167.50.